Business Project Management Essay Example | Topics and Well Written Essays - 2750 words

Business Project Management - Essay Example Any projects irrespective of the nature of the work go through four important phases that are define, design, develop and deliver. The first stage defines the goals and objectives, the target audience or for whom the project is carried out and who are the actual audience (Brown and Eisenhardt, 1997). The second stage sets the initial structure of the project, or the initial outline. The initial outline is developed after a thorough research is carried out. The necessary protocols are also put this phase, that provides the room for adjustments in the latter phase of the project. The third step or the develop stage is the implementation stage. The real application takes place in this phase. The blockers or impediments that could not be found in the initial phase of the projects are identified in this phase (Brown and Eisenhardt, 1997). The last and the fourth stage is the deliver stage. The deliver stage involves the field testing stage. The blockers identified in the initial stage are removed and the system is provided with the necessary tweaks to overcome the barriers. Then the system is again re evaluated to find out if the blockers are removed effectively.The study aims to point out the relationship between time, cost and quality and the critically evaluate the techniques used to demonstrate the balance of time, cost and quality using critical path method, calculation of the return on investment and the quality management. Advantages and disadvantages of NPVAdvantages... The third step or the develop stage is the implementation stage. The real application takes place in this phase. The blockers or impediments that could not be found in the initial phase of the projects are identified in this phase (Brown and Eisenhardt, 1997). The last and the fourth stage is the deliver stage. The deliver stage involves the field testing stage. The blockers identified in the initial stage are removed and the system is provided with the necessary tweaks to overcome the barriers. Then the system is again re evaluated to find out if the blockers are removed effectively. The study aims to point out the relationship between time, cost and quality and the critically evaluate the techniques used to demonstrate the balance of time, cost and quality using critical path method, calculation of the return on investment and the quality management. Advantages and disadvantages of NPV Advantages It is one of the quickest methods to determine net payoff from a project. The use of d iscounting factor presents a more realistic picture compared to other non discounted methods. Use of NPV also helps in the maximization of the firm’s value (Shenhar and Dvir, 1996). Another important aspect is that, NPV also makes sure that the risks as well as profitability of the projects are given high value. Dis-advantages The complexity of this method increases, when the number of years increases and the projects are not mutually exclusive. This is one of the disadvantages of this technique. The estimation of the discounting rate is another problem. With wrong discounting factor, the net payoffs can either become overestimated or underestimated (Whittaker, 1999. The use of discounting factor is kept constant for